Easing Ukraine worries weigh on crude oil
futures
28/05/2014 09:29
Crude oil futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market after the election of a new president in Ukraine raised hopes of easing tensions between Ukraine and Russia, the world’s largest energy exporter, diffusing worries over global crude oil supplies. Russia said that it is willing to talk to the new Ukrainian president. The losses in the fuel were trimmed by robust US manufacturing, services and consumer confidence data which signaled an improving outlook in the world’s biggest economy, lifting the demand outlook for the fuel. Orders for US durable goods rose last month, up 0.8 per cent in April 2014 over the previous month, signaling a rebound in US manufacturing. Services in the US grew at the fastest pace since March 2012 in May 2014 while consumer confidence surged to the second highest level since 2008. The gauge measuring US services rose to 58.4 in May from 55 in the previous month, with a reading above 50 signaling expansion. The index measuring US consumer confidence rose to 83 in May from 81.7 in the previous month. Crude oil futures may rise today as violence in Ukraine signals renewed fears over global crude supplies while investors eye the weekly US supplies data. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,147 per barrel, down by 0.49 per cent, after opening at Rs 6,168, against a previous close of Rs 6,177. It touched an intra-day low of Rs 6,105.
28/05/2014 09:29
Crude oil futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market after the election of a new president in Ukraine raised hopes of easing tensions between Ukraine and Russia, the world’s largest energy exporter, diffusing worries over global crude oil supplies. Russia said that it is willing to talk to the new Ukrainian president. The losses in the fuel were trimmed by robust US manufacturing, services and consumer confidence data which signaled an improving outlook in the world’s biggest economy, lifting the demand outlook for the fuel. Orders for US durable goods rose last month, up 0.8 per cent in April 2014 over the previous month, signaling a rebound in US manufacturing. Services in the US grew at the fastest pace since March 2012 in May 2014 while consumer confidence surged to the second highest level since 2008. The gauge measuring US services rose to 58.4 in May from 55 in the previous month, with a reading above 50 signaling expansion. The index measuring US consumer confidence rose to 83 in May from 81.7 in the previous month. Crude oil futures may rise today as violence in Ukraine signals renewed fears over global crude supplies while investors eye the weekly US supplies data. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,147 per barrel, down by 0.49 per cent, after opening at Rs 6,168, against a previous close of Rs 6,177. It touched an intra-day low of Rs 6,105.
